Ameriprise Financial, Inc. $AMP Stock: TD Waterhouse Canada Inc. Grows Stake

Key Points

• TD Waterhouse Canada increased its Ameriprise Financial stake by 71.8% in the third quarter, while institutional investors collectively own 83.95% of AMP shares.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $572.55, despite some target-price reductions.
• Ameriprise reported quarterly earnings and revenue above expectations and authorized a $5.5 billion share-repurchase plan, alongside a quarterly dividend of $1.70 per share.

TD Waterhouse Canada Inc. lifted its stake in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 71.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 54,683 shares of the financial services provider's stock after acquiring an additional 22,852 shares during the period. TD Waterhouse Canada Inc. owned 0.06% of Ameriprise Financial worth $26,923,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. ARS Wealth Advisors Group LLC bought a new stake in Ameriprise Financial during the third quarter worth approximately $6,111,000. Cyndeo Wealth Partners LLC lifted its position in Ameriprise Financial by 1,021.2% in the third quarter. Cyndeo Wealth Partners LLC now owns 18,141 shares of the financial services provider's stock worth $8,932,000 after purchasing an additional 16,523 shares during the period. Selective Wealth Management Inc. acquired a new stake in Ameriprise Financial in the third quarter worth approximately $3,718,000. Hanson & Doremus Investment Management boosted its stake in Ameriprise Financial by 80.4% during the 3rd quarter. Hanson & Doremus Investment Management now owns 781 shares of the financial services provider's stock valued at $385,000 after purchasing an additional 348 shares in the last quarter. Finally, Aspiriant LLC boosted its stake in Ameriprise Financial by 10.6% during the 3rd quarter. Aspiriant LLC now owns 743 shares of the financial services provider's stock valued at $366,000 after purchasing an additional 71 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AMP. Bank of America reiterated a "buy" rating and set a $570.00 price target (down from $616.00) on shares of Ameriprise Financial in a research report on Monday, October 5th. Morgan Stanley decreased their target price on Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating for the company in a research note on Friday, October 9th. Royal Bank Of Canada lifted their target price on Ameriprise Financial from $560.00 to $595.00 in a report on Friday, July 24th. Evercore dropped their price target on shares of Ameriprise Financial from $625.00 to $623.00 in a research report on Friday, July 24th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Ameriprise Financial from $515.00 to $545.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Ameriprise Financial has an average rating of "Moderate Buy" and an average target price of $572.55.

Ameriprise Financial Price Performance

AMP stock opened at $500.91 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.99. Ameriprise Financial, Inc. has a one year low of $422.37 and a one year high of $572.56. The firm has a market capitalization of $45.03 billion, a PE ratio of 12.08, a P/E/G ratio of 1.03 and a beta of 1.16. The firm has a 50-day moving average of $533.72 and a two-hundred day moving average of $497.36.

Ameriprise Financial (NYSE:AMP - Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, topping the consensus estimate of $10.81 by $0.26. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. The business had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.87 billion. During the same quarter last year, the firm posted $9.11 earnings per share. Ameriprise Financial's revenue was up 11.6% compared to the same quarter last year. On average, analysts forecast that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

Ameriprise Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 3rd were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Monday, August 3rd. Ameriprise Financial's dividend payout ratio is 16.40%.

Ameriprise Financial declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 29th that allows the company to buy back $5.50 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Share buyback plans are generally a sign that the company's management believes its shares are undervalued.

Insider Activity at Ameriprise Financial

In related news, CFO Walter Berman sold 11,012 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $548.95, for a total transaction of $6,045,037.40. Following the completion of the sale, the chief financial officer directly owned 5,609 shares in the company, valued at approximately $3,079,060.55. This trade represents a 66.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Deirdre Mcgraw sold 2,400 shares of Ameriprise Financial stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $558.28, for a total transaction of $1,339,872.00. Following the sale, the executive vice president directly owned 3,373 shares of the company's stock, valued at $1,883,078.44. This trade represents a 41.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,988 shares of company stock valued at $16,316,497 over the last ninety days. 0.60% of the stock is owned by company insiders.

Ameriprise Financial Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The company provides financial planning, investment advice, wealth management, retirement planning and insurance solutions to individuals, families, business owners and institutional clients.

Ameriprise serves clients primarily through a network of financial advisors and offers products and services that include brokerage and advisory accounts, mutual funds and other investments, retirement accounts, annuities, life and long-term-care insurance, banking products and personalized financial planning.

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